Mumbai, India: Wal-Mart Stores Inc paid about USD 234 million in debt related to the purchase of a stake in its Indian joint venture with Bharti Enterprises, which the US retailer ended in October last year, according to its 2014 annual report.
Wal-Mart, the world`s largest retailer, had earlier paid USD 100 million to take over its Indian partner`s 50 percent stake in Bharti Wal-Mart Pvt Ltd, which runs 20 wholesale stores under the Best Price Modern Wholesale brand.
The transaction resulted in a net loss of about USD 151 million, according to the company`s consolidated statement of income.
Shanghai, China: Microsoft founder Bill Gates on Monday took to the pages of the People`s Daily, the mouthpiece newspaper of China`s ruling Communist Party, to encourage people in China to do more for the poor.
"China has many successful entrepreneurs and business people. I hope that more people of insight will put their talents to work to improve the lives of poor people in China and around the world, and seek solutions for them," Gates wrote in an editorial.
"Investing for the poor requires participation from the entire community."
Philanthropy in China has yet to take off, as some wealthy Chinese fear generous donations coul
Washington, USA: Alibaba is reportedly planning to give away more shares in its IPO, which is likely to be the largest initial public offering ever.
According to Mashable while no final deal has been made, new shares could push the amount of the offering beyond the Agricultural Bank of China's record USD 22.1 billion in Shanghai and Hong Kong in 2010.
It remains unclear as to when Alibaba's founder Jack Ma plans to sell stock in the IPO.
Meanwhile, Ma and a group of early founders are keen to keep some control of the company regardless of their stake by retaining the power to appoint a majority to the company's board, the report adds.
New York, United States: General Motors (GM) has named a union leader to its board of directors, a first for the US automaker and a rarity in American business.
GM, which is paying a heavy price for the delayed recall of vehicles linked to 13 deaths, just published its worst quarterly results since emerging from bankruptcy just over three years ago.
In a statement yesterday, it had said it was nominating United Auto Workers Vice President Joe Ashton to its 12-member board of directors.
Ashton, who will represent GM's employee pension fund (VEBA), was expected to resign from his union position in June.
If his nomination
London, U.K.: An NRI-founded hotels company plans to set up 100 eco-friendly hotels in India in the next eight years, its founder and Chief Executive said Saturday night.
Noting that the Eco Hotels UK Plc has developed the world's first carbon neutral hotel brand, The Eco and Ecolodge, Suchit Punnose, the CEO of Red Ribbon Asset Management said: "The first market we are targeting is the growth market of India which has one of the largest demands for hotel rooms in the market."
"It is the intention of the company to develop an inventory of 10,000 rooms by 2022 which will amount to 100 hotels with 100-room average," he said.
Washington, U.S.: Mumbai-born IIT Madras alum Vic Gundotra, the mastermind behind Google's social network Google+, has abruptly resigned putting a question mark on the future of his creation.
Making the announcement via a posting on his own Google+ page Thursday, Gundotra, 45, said he was proud of his eight year tenure with the online search giant, but felt that now was the time to look ahead. However, he didn't say much about his future plans.
"I am excited about what's next. But this isn't the day to talk about that. This is a day to celebrate the past 8 years," wrote Gundotra, who was Senior Vice President, Social for Google in a pos
New York, U.S.: A US federal court has permanently barred Ramesh Sarva, an Indian-American certified public accountant in New York, from promoting and selling an alleged illegal nationwide tax scheme.
Judge Josephine L. Staton of the US District Court for the Central District of California, entered the permanent injunction order, to which Sarva of Little Neck, New York, consented, Westmorelandtimes.com reported citing the Justice Department.
According to the complaint, Sarva has been promoting illegal life insurance welfare benefit plans.
These allegedly illegally permitted his customers to both claim substantial tax deductions for their pla
Mumbai, India : Mukesh Ambani-led Reliance Industries Ltd (RIL) on Wednesday said it has raised $550 million as loan from Japanese banks for part-funding expansion of its petrochemical plant and new gasification unit.
"In continuation of the fund raising programme initiated in 2012-13, RIL has tied up Export Credit Agency (ECA) facility of up to USD 550 million co-financed by JBIC (Japan Bank for International Cooperation) and a group of other Japanese banks," the company said in a statement.
"This is RIL’s eighth ECA facility for the largest capital expenditure programme it has undertaken. This is the first time that JBIC is extending credi
Geneva,Switzerland: World Economic Forum (WEF) in its latest report released on Wednesday said little progress has been witnessed in bridging the digital gap across countries and regions.
Based on Networked Readiness Index, the Global Information Technology Report 2014 assessed the capacity of a record 148 countries and regions to leverage information and communications technologies (ICT) for their growths and well-beings, Xinhua reported.
The annual report showed a dominance of developed economies in the top rankings.
Finland topped the ranking, followed by Singapore, Sweden, the Netherlands, Norway and Switzerland, and all the top six places kep
Thiruvananthapuram,India: A 15-day property show is being held in the US at which 30 builders from India will showcase their latest projects.
A real estate business group based in the US told IANS over phone that the eighth annual edition of the India Property Show would be held in Edison, New Jersey, Houston, Sunnyvale and Seattle from May 31 to June 15.
Riya Sunny of the Revista Global group, said: "Builders are coming in from across India. We help them sell their properties in the US and the Middle East by organising property shows. Unlike earlier years, we expect to get a few builders from Kerala." (IANS)
New Delhi, India: Reliance Jio Infocomm and ATC India Tower Corporation on Monday inked an agreement under which the former would use tower infrastructure of the latter to launch its telecom services across the country.
ATC has 11,000 towers in India.
"We at Reliance Jio, want to provide innovative and empowering products, services and content to every Indian. To this end, we are committed to creating a cutting edge network for high speed 4G. Our relationship with ATC will accelerate the rollout of these services across India," Sanjay Mashruwala, managing director, Reliance Jio, said.
Reliance Jio is a subsidiary of Reliance Indust
New Delhi/Dhaka,: Two-wheeler major Hero MotoCorp on Monday said it had forayed into Bangladesh through a joint venture (JV) partnership with the Nitol Niloy Group.
"In addition to being our first overseas JV, this is also where our first manufacturing plant outside of India will come up," said Pawan Munjal, managing director and chief executive, Hero MotoCorp in a statement.
"Once operational by the second quarter of Financial Year 2015-16, the plant will have an annual capacity of 150,000 units. We are aiming to have around 20 percent of market share here in the first year of our operation."
The two-wheeler major will hold ma
New Delhi, India : The world's largest snacks compamy Mondelez International Monday said it has changed the name of its Indian subsidiary Cadbury India Limited to Mondelez India Foods Limited.
The change in name of Cadbury is in line with the gradual changeover of the name of all subsidiaries of Mondelez International globally.
“With the change in name of the company to Mondelez India Foods Limited, we conclude the process of transition that began over two years ago,” said Manu Anand, managing director of Mondelez India.
“We are today the pre-eminent and most loved food company in India with leadership in fast growing categor
Beijing, China: China will kick off a number of major energy projects to ensure stable economic growth and restructure its energy layout, Premier Li Keqiang has revealed.
Li made the remarks at a meeting of the State Energy Commission held Friday, Xinhua reported.
The projects will mainly include nuclear power plants on the eastern coast, hydropower stations, wind and solar power stations and extra-high-voltage power transmission lines. (IANS)
Beijing,China: The number of advertisement companies in China increased 17.9 percent in 2013 from the previous year, authorities said.
The State Administration for Industry and Commerce (SAIC) also said the number of employees working in the advertisement sector rose 20.4 percent in 2013 year-on-year to 2.62 million, Xinhua reported Gan Lin, deputy head of the SAIC, as saying.
China's advertisement industry registered a relatively fast expansion in 2013, but the growth rates of advertisement companies and employees both decelerated from 2012, Gan said at an industry conference earlier this week.
Online advertisement companies' business rev
Tokyo, Japan : Japanese Prime Minister Shinzo Abe made an offering to the notorious war-linked Yasukuni Shrine Monday during its three-day spring festival.
The sacrifice came ahead of US President Barack Obama's visit to Japan later this week and Abe, in a move to avoid provoking the US, decided not to worship the shrine during the spring festival, Xinhua reported.
Abe also visited Yasukuni on the first anniversary of the launch of his government on Dec. 26 2013.
The December shrine visit triggered strong opposition worldwide, including China and South Korea. The US, Japan's key ally, also commented that Abe's visit was disappointed an
Ramallah, April 14: Palestinian peace negotiators said Sunday that if Israel is going to impose economic sanctions against the Palestinian National Authority (PNA), they might halt security coordination with Israel.
During a meeting in Jerusalem, the Palestinian negotiation team refused to extend the ongoing peace talks, which will end later this month, unless Israel agrees to release the final batch of Palestinian prisoners. The Palestinians also demanded a halt of Israeli settlement construction, Xinhua reported.
Israel insisted that the Palestinian bid to join 15 international and UN agencies be frozen, which was rebuffed by Palestinian negotiators.
New Delhi, April 13: Delhi businessman Sameer Manchanda, who Sunday bought the Delhi franchise of Indian Super League (ISL), said the much awaited eight-city league was the missing link in Indian football.
Manchanda's DEN Network, a cable network company, bagged the sole rights for Delhi by reportedly paying around Rs.12-15 crore per year for a period of 10 years.
Manchanda, a qualified chartered accountant, concurred with claims by ISL promoters IMG-Reliance that the eight-city league aims to glamourise the sport in the country.
"Soccer runs in the blood of every Indian and is part of our sporting DNA. We see this in the million
New Delhi, April 13: Germany-based high-end domestic appliances maker Miele would invest around Rs.100 crore on expanding its presence in India, mostly in tier-2 cities like Raipur, Indore and Coimbatore, a top company official said.
Managing director of Miele India Dhananjay Chaturvedi said the company expects strong growth in Indian markets in the coming years and has outlined an aggressive expansion plan to cater to growing demand.
“We started in India in late 2009. Our sales are in high double-digit crore. We are expecting it to be in triple-digit crore soon,” Chaturvedi told IANS.
However, he declined to give exact sales fig
Mumbai, April 12: India's foreign exchange (forex) reserves increased by $2.97 billion to $306.64 billion for the week ended on April 4, Reserve Bank of India (RBI) data showed.
The forex reserves have soared past $300 billion mark for the first time since December 2011.
This is the sixth consecutive week of increase in the country's forex reserves as overseas investors poured in money in local bonds and stock markets. The forex reserves had risen by $5.03 billion and $1.34 billion in the previous two weeks.
According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose